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Investing.com — Cornerstone Building Brands Inc (NYSE:CNR), the exterior building products manufacturer, surged over 22% Monday after it received a non-binding buyout bid from private-equity firm Clayton Dubilier & Rice LLC.
Clayton Dublier is Cornerstone’s largest shareholder, with an approximately 49% stake. The offer is for the remaining shares at $24.65 in cash per share, representing a 34% premium to Friday’s $18.40 closing price.
The offer represents the “best and final proposal,” the buyout firm said.
Cornerstone was formed in 2018 through a merger of NCI Building Systems and Clayton’s Ply Gem.
The company’s shares are now up over 28% for the year-to-date and more than 90% in the last 12 months. At the start of the pandemic in 2020, the company’s shares were trading around the $9.12 mark.
